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Many investors like to look for momentum in stocks, but this can be very tough to define. There is great debate regarding which metrics are the best to focus on in this regard, and which are not really quality indicators of future performance. Fortunately, with our new style score system we have identified the key statistics to pay close attention to and thus which stocks might be the best for momentum investors in the near term.

This method discovered several great candidates for momentum-oriented investors, but today let’s focus on Calumet Specialty Products Partners, L.P. (CLMT - Free Report) as this stock is looking especially impressive right now. And while there are numerous ways in which this company could be a great choice, we have highlighted three of the most vital reasons for CLMT’s status as a solid momentum stock below:

Short Term Price Change for Calumet Specialty Products

A great place to look for finding momentum stocks is by inspecting short term price activity. This can help to reflect the current interest in a stock and if buyers or sellers have the upper hand right now. It is especially useful to compare it to the industry as this can help investors pinpoint the top companies in a particular area.

With a one week price change of 16.8% compared to an industry average of 0.3%, CLMT is certainly well-positioned in this regard. The stock is also looking quite well from a longer time frame too, as the four week price change compares favorably with the industry at large.

Longer Term Price Change for Calumet Specialty Products

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. That is why looking at longer term price metrics—such as performance over the past three months or year-- and comparing these to an industry at large can be very useful.

And in the case of CLMT, the results are quite impressive. The company has beaten the industry at large over the past 12 weeks by a margin of 79.8% to a decline of 2.4%, while it has also outperformed when looking at the past year, putting up a gain of 46.8%. Clearly, CLMT is riding a bit of a hot streak and is worth a closer look by investors.

While the great momentum factors outlined in the preceding paragraphs might be enough for some investors, we should also take into account broad earnings estimate revision trends. A nice path here can really help to show us a promising stock, and we have actually been seeing that with CLMT as of late.

Over the past two months, three earnings estimates have gone higher compared to none lower for the full year, while we are also seeing that two estimates have move upwards with no downward revision for the next year time frame. These revisions have helped to boost the consensus estimate, as two months ago, CLMT was expected to post a loss of $1.22 per share for the full year, though today it looks to have EPS of 24 cents for the full year, representing a solid increase which is something that should be welcome news to would-be investors.

So if you are looking for a fresh pick that has potential to move in the right direction, definitely keep CLMT on your short list as this looks be a stock that is very well-positioned to soar in the near term.

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Since 1988, the Zacks system has more than doubled the S&P 500 with an average gain of +25% per year. With compounding, rebalancing, and exclusive of fees, it can turn thousands into millions of dollars.

This proven stock-picking system is grounded on a single big idea that can be fortune shaping and life changing. You can apply it to your portfolio starting today.

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At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +25% per year. These returns cover a period from 1988-2017. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zack Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.

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